U.K. financial institution Santander is collaborating with Infosys Finacle to enhance its interbank cash management solution, the companies revealed on Tuesday (June 26).
In an announcement on the Infosys website, its subsidiary, Infosys Finacle, said it will provide Santander U.K. with a new solution enabling corporate customers to manage their cash across accounts via a platform compatible with any device. Santander has adopted the Finacle Online Banking, Omnichannel Hub, Payment Solution and Liquidity Management Solution to support further corporate financial services development.
For Santander, using Infosys Finacle technology means strengthened cash management, forecasting and payment services for business customers that need to access these tools from multiple devices. Businesses can manage liquidity across banks, with added sweeping, notional pooling and target balancing features as part of the Liquidity Management Solution.
The partnership also supports corporate treasurers’ need to design liquidity structures and enhance visibility and control over corporate funds, the companies noted.
API technology enables businesses to integrate Santander’s cash management solutions into their existing ERP systems.
“Corporate banking customers across the world are becoming increasingly digital in their operations and sophisticated in their demands from banking relationships,” said Infosys Finacle Chief Business Officer and Global Head Sanat Rao in a statement. “Santander U.K.’s decision to undertake this transformation program is a reflection of the bank’s abiding commitment to deepening customer satisfaction while modernizing for the future.”
“Santander U.K. will benefit through Finacle’s proven end-to-end solutions and rich experience of implementation in 100 countries,” Rao added.
“Using Finacle solutions, Santander will provide our corporate customers a single point of access to better manage their interbank global commercial cash flow conveniently and securely,” added Santander U.K. Head of Global Transaction Banking Bart Timmermans in another statement. “It represents a significant part of GTB U.K.’s channel strategy, helping to prepare the bank for its shift toward serving its digitally enabled corporate clients.”